January 1-28, 2012 Calgary Real Estate Update

January has shaped up to be relatively flat compared to 2011.  Average prices for both SFH and condos are down but that’s simply because the luxury market hasn’t matched last years levels yet.

Between January 1-28 there were 693 single family home sales compared to 699 last year.   The average price has been affected by the lower high-end sales MTD. There have been 12 properties sold for $1M or more these first 4 weeks, down  from 19 in 2011.   However, there are currently 15 luxury properties marked as pending ranging in price from $1M to almost $4M.

The median price is up $5,500 or 1.4%.

While new listings are down 14%, total active inventory is virtually unchanged year-over-year. On January 28, 2011 there were 3106 listings compared to 3104 yesterday.

With the new change CREB implemented regarding reporting conditional sales, we’re no longer able to accurately compare future activity. FWIW, there were 195 sales pending yesterday compared to 319 last year. (I’m sure as heck hoping it can be attributed to the rule change and not actually a 39% reduction in activity 😛 )

Condominium Market

There have been a total of 264 condominium sales MTD with an average price of $264,682 compared to 267 sales and $288,066 in 2011.  You can reconcile the average price difference by recalling that last January marked an MLS record for a Calgary condominium sale: an Eau Claire unit that sold for $4.1M

The median price is down $5,000 or 2%.

(click to enlarge image)

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